Celanese cleared by EC to acquire Canada's Acetex

RobertDaniel

NEW YORK (MarketWatch) -- Celanese Corp.,
CE, -0.16%
the Dallas producer of industrial chemicals, said the European Commission cleared it to acquire Acetex Corp.,
ca:atx
the Vancouver producer of acetyl chemicals and specialty polymers. The deal has received all approvals and clearances and should close around July 20, Celanese said. Last October, Celanese offered to acquire Acetex's 35.4 million shares for C$9 each and assume its C$282 million of debt. The purchase improves Celanese's production capabilities in Europe and its growth prospects through Acetex's Saudi Arabian joint venture in acetyls, Celanese said. In 2004, Acetex employed 900 and reported sales of US$530 million. Celanese shares rose 48 cents, or 2.8%, to $17.42 on Tuesday.

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